ET
Esethu T
1 reviews | Active since Mar 2025
11 Sept 2025, 18:12
Immediate termination of policy
Good day
I am writing to demand the immediate termination of my policy OB*** effective without delay.
I have repeatedly contacted your team over several months regarding my urgent need for funds. Each time I was told about restrictions, despite the fact that I have already taken partial surrenders and a policy loan. I want to make it clear I have the right to terminate my policy and I expect this request to be processed immediately.
I acknowledge your stated terms:
“We may charge an early termination fee of up to 15%. This depends on your plan term and in which year you make the change. The fee gets lower the longer you keep your plan.”
I accept that the early termination fee will be app**** and that my outstanding loan will be deducted from the payout.
Do not respond with references to government rules, legislation or policy restrictions that were not communicated to me when I invested. I expect this matter to be resolved promptly and professionally, without further excuses or delays.
I am prepared to escalate this to higher management or regulatory authorities if necessary but I hope this will not be required.
Please confirm receipt immediately and provide the calculated payout and process for immediate termination.
This is my final request I expect action now.
Helpful (0)
Replies (7)0
Replies (7)
Metropolitan Life's replyOfficial
12 Sept 2025, 10:11Dear Esethu
We acknowledge receipt of your latest HelloPeter post and refer to several posts you have made around this same subject.
We have also received this complaint from you via other Social Media platforms and from the National Financial Services Ombudsman scheme (NFO), We have consistently referred you to the legislation that governs this product and the Ombudsman has also upheld our response and advised you that they are unable to assist you due to legislation applying to all parties involved.
We reiterate:
We acknowledge receipt of your latest HelloPeter post and refer to several posts you have made around this same subject.
We have also received this complaint from you via other Social Media platforms and from the National Financial Services Ombudsman scheme (NFO), We have consistently referred you to the legislation that governs this product and the Ombudsman has also upheld our response and advised you that they are unable to assist you due to legislation applying to all parties involved.
We reiterate:
- Metropolitan is an accountable institution that has to abide by our country's laws.
- Therefore our responses has consistently been the same, namely pointing you to the relevant legislation that prohibits us from surrendering/cancelling your policy at this time.
- All Endowment policies, like yours, fall under the provisions of the Long Term Insurance Act, regardless of which insurer you have your policy.
In terms of Regulation 4.2 of the Long Term Insurance Act, these policies are restricted to one loan and one surrender in the first 5 years of its lifetime.
As such, we are not allowed to grant you more than the legislated loan and full or partial surrender within the first 5 years of the policy's existence. This we have already done and we can only grant you a next transaction after the initial 5 year restriction period has expired.
You have accessed the partial surrender option and also accessed a policy loan option thereafter.
As such you have exhausted both the options available to you on your plan and we are unable to surrender your policy at this time.
Please note that Restrictions are not a Metropolitan Term and Condition, so we cannot waive them. The only entity that can change this legislation is Parliament.
We therefore regret to confirm that we are unable to give you the response you desire as we are bound by this legislation.
Regards
Metropolitan Client Care Team
Metropolitan Life's reply12 Sept 2025, 10:11
Official
Dear Esethu
We acknowledge receipt of your latest HelloPeter post and refer to several posts you have made around this same subject.
We have also received this complaint from you via other Social Media platforms and from the National Financial Services Ombudsman scheme (NFO), We have consistently referred you to the legislation that governs this product and the Ombudsman has also upheld our response and advised you that they are unable to assist you due to legislation applying to all parties involved.
We reiterate:
We acknowledge receipt of your latest HelloPeter post and refer to several posts you have made around this same subject.
We have also received this complaint from you via other Social Media platforms and from the National Financial Services Ombudsman scheme (NFO), We have consistently referred you to the legislation that governs this product and the Ombudsman has also upheld our response and advised you that they are unable to assist you due to legislation applying to all parties involved.
We reiterate:
- Metropolitan is an accountable institution that has to abide by our country's laws.
- Therefore our responses has consistently been the same, namely pointing you to the relevant legislation that prohibits us from surrendering/cancelling your policy at this time.
- All Endowment policies, like yours, fall under the provisions of the Long Term Insurance Act, regardless of which insurer you have your policy.
In terms of Regulation 4.2 of the Long Term Insurance Act, these policies are restricted to one loan and one surrender in the first 5 years of its lifetime.
As such, we are not allowed to grant you more than the legislated loan and full or partial surrender within the first 5 years of the policy's existence. This we have already done and we can only grant you a next transaction after the initial 5 year restriction period has expired.
You have accessed the partial surrender option and also accessed a policy loan option thereafter.
As such you have exhausted both the options available to you on your plan and we are unable to surrender your policy at this time.
Please note that Restrictions are not a Metropolitan Term and Condition, so we cannot waive them. The only entity that can change this legislation is Parliament.
We therefore regret to confirm that we are unable to give you the response you desire as we are bound by this legislation.
Regards
Metropolitan Client Care Team
ET
Esethu T's updateReviewer Update
16 Sept 2025, 08:14At the time I invested it was never made clear to me that I would be limited to only one partial withdrawal. In fact, the consultant specifically assured me that I could access my funds whenever I needed to. This was said as part of convincing me to take up the policy, which I now realize was misleading. Furthermore when I later requested a withdrawal, the insurer processed a full surrender instead of a partial withdrawal. By then allowing me to withdraw twice, the insurer’s own mistake created confusion and led me to believe that multiple withdrawals were possible. I should not be the one to suffer the consequences of the consultant’s misrepresentation and the insurer’s administrative errors.
ET
Esethu T's update16 Sept 2025, 08:14
Reviewer Update
At the time I invested it was never made clear to me that I would be limited to only one partial withdrawal. In fact, the consultant specifically assured me that I could access my funds whenever I needed to. This was said as part of convincing me to take up the policy, which I now realize was misleading. Furthermore when I later requested a withdrawal, the insurer processed a full surrender instead of a partial withdrawal. By then allowing me to withdraw twice, the insurer’s own mistake created confusion and led me to believe that multiple withdrawals were possible. I should not be the one to suffer the consequences of the consultant’s misrepresentation and the insurer’s administrative errors.
Metropolitan Life's replyOfficial
16 Sept 2025, 10:58Dear Esethu
We refer to your additional comment which is duly noted.
Our adviser has already confirmed that they did explain restrictions to you when you took the policy.
Restrictions are mentioned in your contract too.
We can also see on the withdrawal and loan application forms that you signed, you were also reminded of restrictions each time.
Please be advised that we are unable to assist you until the restriction period is expired - as confirmed by the Ombudsman's offices already.
Please understand that if there was any way we could have assisted you as our valued client, we would already have done so.
Regards
Metropolitan Client Care Team.
We refer to your additional comment which is duly noted.
Our adviser has already confirmed that they did explain restrictions to you when you took the policy.
Restrictions are mentioned in your contract too.
We can also see on the withdrawal and loan application forms that you signed, you were also reminded of restrictions each time.
Please be advised that we are unable to assist you until the restriction period is expired - as confirmed by the Ombudsman's offices already.
Please understand that if there was any way we could have assisted you as our valued client, we would already have done so.
Regards
Metropolitan Client Care Team.
Metropolitan Life's reply16 Sept 2025, 10:58
Official
Dear Esethu
We refer to your additional comment which is duly noted.
Our adviser has already confirmed that they did explain restrictions to you when you took the policy.
Restrictions are mentioned in your contract too.
We can also see on the withdrawal and loan application forms that you signed, you were also reminded of restrictions each time.
Please be advised that we are unable to assist you until the restriction period is expired - as confirmed by the Ombudsman's offices already.
Please understand that if there was any way we could have assisted you as our valued client, we would already have done so.
Regards
Metropolitan Client Care Team.
We refer to your additional comment which is duly noted.
Our adviser has already confirmed that they did explain restrictions to you when you took the policy.
Restrictions are mentioned in your contract too.
We can also see on the withdrawal and loan application forms that you signed, you were also reminded of restrictions each time.
Please be advised that we are unable to assist you until the restriction period is expired - as confirmed by the Ombudsman's offices already.
Please understand that if there was any way we could have assisted you as our valued client, we would already have done so.
Regards
Metropolitan Client Care Team.
ET
Esethu T's updateReviewer Update
25 Sept 2025, 13:501. Contract received after payment
I only received the contract after the funds had already been deposited into your account. This means I was not given an opportunity to review or understand the restrictions before committing my money.
2. Lack of proper disclosure
At no point before payment was I made fully aware of the restriction clauses or their impact. This deprived me of the chance to make an informed decision about the policy.
3. Unfair treatment
Your response suggests that I was reminded of restrictions when signing other documents. However without having the full contract beforehand, I could not reasonably consent to these terms knowingly. This raises serious concerns of misrepresentation and unfair business practice.
In terms of the FAIS Act and Policyholder Protection Rules, insurers and advisers have a duty to ensure that clients are fully informed of material terms before any transaction is finalised. This duty was not met in my case.
Accordingly, I request that you:
Provide me with proof of full disclosure prior to my payment, including any call recordings, adviser notes, and signed documentation.
Explain why the contract was only given to me after few days my money was already deposited.
Advise how you intend to remedy this matter, given the prejudice caused to me as your client.
I expect your written response within 2 business
I only received the contract after the funds had already been deposited into your account. This means I was not given an opportunity to review or understand the restrictions before committing my money.
2. Lack of proper disclosure
At no point before payment was I made fully aware of the restriction clauses or their impact. This deprived me of the chance to make an informed decision about the policy.
3. Unfair treatment
Your response suggests that I was reminded of restrictions when signing other documents. However without having the full contract beforehand, I could not reasonably consent to these terms knowingly. This raises serious concerns of misrepresentation and unfair business practice.
In terms of the FAIS Act and Policyholder Protection Rules, insurers and advisers have a duty to ensure that clients are fully informed of material terms before any transaction is finalised. This duty was not met in my case.
Accordingly, I request that you:
Provide me with proof of full disclosure prior to my payment, including any call recordings, adviser notes, and signed documentation.
Explain why the contract was only given to me after few days my money was already deposited.
Advise how you intend to remedy this matter, given the prejudice caused to me as your client.
I expect your written response within 2 business
ET
Esethu T's update25 Sept 2025, 13:50
Reviewer Update
1. Contract received after payment
I only received the contract after the funds had already been deposited into your account. This means I was not given an opportunity to review or understand the restrictions before committing my money.
2. Lack of proper disclosure
At no point before payment was I made fully aware of the restriction clauses or their impact. This deprived me of the chance to make an informed decision about the policy.
3. Unfair treatment
Your response suggests that I was reminded of restrictions when signing other documents. However without having the full contract beforehand, I could not reasonably consent to these terms knowingly. This raises serious concerns of misrepresentation and unfair business practice.
In terms of the FAIS Act and Policyholder Protection Rules, insurers and advisers have a duty to ensure that clients are fully informed of material terms before any transaction is finalised. This duty was not met in my case.
Accordingly, I request that you:
Provide me with proof of full disclosure prior to my payment, including any call recordings, adviser notes, and signed documentation.
Explain why the contract was only given to me after few days my money was already deposited.
Advise how you intend to remedy this matter, given the prejudice caused to me as your client.
I expect your written response within 2 business
I only received the contract after the funds had already been deposited into your account. This means I was not given an opportunity to review or understand the restrictions before committing my money.
2. Lack of proper disclosure
At no point before payment was I made fully aware of the restriction clauses or their impact. This deprived me of the chance to make an informed decision about the policy.
3. Unfair treatment
Your response suggests that I was reminded of restrictions when signing other documents. However without having the full contract beforehand, I could not reasonably consent to these terms knowingly. This raises serious concerns of misrepresentation and unfair business practice.
In terms of the FAIS Act and Policyholder Protection Rules, insurers and advisers have a duty to ensure that clients are fully informed of material terms before any transaction is finalised. This duty was not met in my case.
Accordingly, I request that you:
Provide me with proof of full disclosure prior to my payment, including any call recordings, adviser notes, and signed documentation.
Explain why the contract was only given to me after few days my money was already deposited.
Advise how you intend to remedy this matter, given the prejudice caused to me as your client.
I expect your written response within 2 business
Metropolitan Life's replyOfficial
25 Sept 2025, 14:39Dear Esethu
Thank you for your additional comments.
We note that you have also logged a Chatbot complaint and we have again received the complaint from the National Financial Services Ombudsman's (NFO) offices where they have re-opened the file and the matter is again under review.
We will close the existing Chatbot and Hellopeter complaint and proceed with the Regulatory complaint.
Regards
Metropolitan Client Care Team
Thank you for your additional comments.
We note that you have also logged a Chatbot complaint and we have again received the complaint from the National Financial Services Ombudsman's (NFO) offices where they have re-opened the file and the matter is again under review.
We will close the existing Chatbot and Hellopeter complaint and proceed with the Regulatory complaint.
Regards
Metropolitan Client Care Team
Metropolitan Life's reply25 Sept 2025, 14:39
Official
Dear Esethu
Thank you for your additional comments.
We note that you have also logged a Chatbot complaint and we have again received the complaint from the National Financial Services Ombudsman's (NFO) offices where they have re-opened the file and the matter is again under review.
We will close the existing Chatbot and Hellopeter complaint and proceed with the Regulatory complaint.
Regards
Metropolitan Client Care Team
Thank you for your additional comments.
We note that you have also logged a Chatbot complaint and we have again received the complaint from the National Financial Services Ombudsman's (NFO) offices where they have re-opened the file and the matter is again under review.
We will close the existing Chatbot and Hellopeter complaint and proceed with the Regulatory complaint.
Regards
Metropolitan Client Care Team
ET
Esethu T's updateReviewer Update
30 Sept 2025, 10:27Thank you for your response. I acknowledge that the matter has been re-opened with the National Financial Services Ombudsman and I will await their outcome. I trust that this process will be handled fairly and that a proper resolution will be reached.
ET
Esethu T's update30 Sept 2025, 10:27
Reviewer Update
Thank you for your response. I acknowledge that the matter has been re-opened with the National Financial Services Ombudsman and I will await their outcome. I trust that this process will be handled fairly and that a proper resolution will be reached.
Metropolitan Life's replyOfficial
30 Sept 2025, 11:30Dear Esethu
Thank you for your additional comment.
We appreciate the acknowledgement.
Regards
Metropolitan Client Care Team
Thank you for your additional comment.
We appreciate the acknowledgement.
Regards
Metropolitan Client Care Team
Metropolitan Life's reply30 Sept 2025, 11:30
Official
Dear Esethu
Thank you for your additional comment.
We appreciate the acknowledgement.
Regards
Metropolitan Client Care Team
Thank you for your additional comment.
We appreciate the acknowledgement.
Regards
Metropolitan Client Care Team